Reference no: EM133014583

What is Australias trade advantages within the global economy Paragraph #1Paragraph #2 does the country have an 

A brief overview of the country

The advantage identified (absolute or comparative) (see below on what to write on)

• absolute advantage in any area of international trade? If so, please describe this advantage and explain why they have this characteristic.
• Remember: Absolute advantage is the ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
• does the country have comparative advantages?
• Remember: Comparative advantage refers to the ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another. Even if one country is more efficient in the production of all goods compared to the other, both countries will still gain by trading with each other, as long as they have different relative efficiencies.

Paragraph #3

Explanation and justification for making the decision. For example, if the country selected is Latvia and it is decided that they have an absolute advantage in Gizmos, you would include the following:

• Latvia accounts for 80 percent of the world Gizmo markets. The world market for Gizmos is [fill in the blank here]_______ per year;
• The reason why Latvia has an absolute advantage is [fill in the blank here]_______;
• Latvia benefits from this advantage by[fill in the blank here] _______.